Insurance Company Helps Triathletes Manage Risk, Protects High-end Bicycles from Theft and Accidental Damage

FORT LAUDERDALE, Fla., Dec. 1, 2015 /PRNewswire/ -- Triathlon gear sales are booming in the United States and worldwide alike. The sport of triathlon has sustained a consistent growth pattern during the last two decades. In 2014, USA Triathlon sanctioned a record-high 4,397 events across the United States, including races and clinics for adults and youth members. A Harvard study called triathlon "the new golf" as it's become a way for businessmen to train and be active together, show off their top-of-the-line equipment, and perhaps hash out a business deal or two.

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A triathlete's most prized possession is his bike. The bike leg is the longest of the event; races can be lost or won on the bike. Recently, triathlon bikes have undergone significant advances in aerodynamics and increase in price. As a result, it's no longer unusual to see triathlon bikes break the $10,000 price barrier, with many exceeding $20,000.

While built mostly from carbon fiber and a few alloy parts, and recently supplemented with electronic shifting, triathlon bikes are not only susceptible to damage, but are also easy targets for thieves. These bikes are essentially high-priced luxury items that are relatively easy to steal and resell.

For many triathletes, equipment isn't an expense; it's a well-researched, carefully calculated lifestyle investment. For some, loss of a high-end bike to theft or accident can be hard to recover from financially, especially if the price of the bike approaches that of a family sedan.

Many owners of high-end bicycles are living with the misguided belief that their bicycle is insured by a policy they already own. The ugly truth only becomes evident when they file a claim with their homeowner's or renter's insurance company, only to find that the loss is not covered by the policy.

Until recently, homeowner's or renter's insurance policies were the only options available for bicycle owners when insuring their bicycles. Velosurance is a new company that is changing that. The Velosurance policy was designed with triathletes in mind, providing coverage for the vast majority of risky situations that triathletes and their bikes might be involved in while riding.

Other than insuring the bike for theft and accidental damage, Velosurance policy coverage also extends to cycling apparel, spare parts, and accessories, including racing wheelset or a bike computer. Additionally, it provides race fee and rental bike expense reimbursement for those situations where the bike either doesn't arrive to the race or is damaged in transit. If an insured bicycle is ever sidelined due to a covered loss or breakdown, Velosurance will provide the same coverage to the temporary/substitute cycle chosen by the athlete.

While triathlon is a relatively safe sport, accidents happen, in training and on race day alike. When bikes and bodies hit the ground at high speeds, bodily injury and property damage are not uncommon. To protect themselves from such risks, athletes might choose to select optional liability, medical payment, and vehicle contract coverages to either supplement their other coverage or provide coverage for currently unmanaged risk.

Purchasing a supplemental medical payments benefit can mitigate or eliminate the annual out-of-pocket expense in the case of an injury. A medical payment benefit should equal or exceed the individual cost before the athlete's health insurance starts paying 100%.

From a choice of deductibles to optional coverages, Velosurance policies can be customized to match athletes' circumstances and risk tolerances. For more about how Velosurance can help triathletes manage risk, please view "Risk, liability and insurance for Triathletes."

Velosurance is a privately held company with headquarters in Fort Lauderdale, FL. For a quote, visit www.velosurance.com or call David Williams at 888-663-9948.

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SOURCE Velosurance